A recent Graduate Management Admission Council (GMAC) study shows applications to European business schools are increasing.

The GMAC survey highlights different trends in Europe and shares details on changing interests in Graduate Management Education by different applicant categories. According to the survey, programmes in Europe reported application growth that exceeded even the pandemic-related peak in 2020. Total applications to European programmes increased, with strong growth among candidates applying to programmes within and across their countries of citizenship.

But what do Deans from top European Schools think about this increase in applications, and what does it mean for their institutions?

Meelis Kitsing, Rector of the Estonian Business School

“The rise in applications to European business schools, as highlighted by the GMAC study, is driven by several key factors.

“First, the global ranking of European business schools has significantly improved compared to U.S. schools in recent years. For example, six European business schools are currently listed among the Financial Times’ top 10 MBA programs, while only four U.S. schools remain in the top 10, as some prominent American institutions have seen their rankings decline.

“Second, Europe offers diverse, high-quality education—often at lower tuition costs than leading U.S. programs—while providing strong international career opportunities.

“Third, the unpredictability of current U.S. policies has created turbulence, making European schools more attractive to students seeking diversity and global exposure. This trend is evident even without being included in the Signal group in higher education.

“For Estonian Business School (EBS), these developments present a clear opportunity to leverage our strengths. Our particular advantage lies in combining academic rigour with real-world impact in building new ventures. Our graduates have founded numerous startups, including several unicorns such as Bolt. Moreover, Startup Wise Guys, an accelerator affiliated with EBS, was ranked 18th among Europe’s leading startup hubs by the Financial Times in 2024.

“Our strong entrepreneurial and experimental culture offsets the geostrategic challenges that might make our location appear less advantageous. For those who embrace uncertainty and novelty, EBS can serve as a springboard for new endeavours without the need for excessive strategising in a volatile environment. As Peter Drucker famously said, “Culture eats strategy for breakfast.”

“In particular, I see strong potential in offering shorter, more focused programs. For instance, our summer school on digitalisation and sustainability, designed for master’s students and professionals, is now in its fifth year and has already attracted a significant number of registrations. Last year, we welcomed 75 participants from four continents.”

Bodo B. Schlegelmilch, Dean of the WU Executive Academy

“Yes, that’s right. We are also observing this trend at the WU Executive Academy. In our BANI world (Brittle, Anxious, Nonlinear, Incomprehensible), executives are looking for orientation and guidance, reliable knowledge, and new perspectives. The increasing disruptions – whether through technological developments, geopolitical unrest or economic upheaval – make it clear: business as usual is over.

“In this challenging environment, applicants are well advised to consider European business schools as they offer significant added value: they combine academic excellence with a global perspective and are anchored in a culturally highly diverse environment. This diversity promotes intercultural competence, critical thinking and innovative strength – all essential skills for future-oriented leaders.

“Another key aspect is the emphasis on sustainable and responsible leadership. This goes beyond short-term economic success – it is about creating long-term value for companies, society and the environment. Many European business schools, and of course we at the WU Executive Academy, are dedicated to these principles and equip their participants with leadership approaches rooted in ethical decision-making, social responsibility and sustainable business practices.”

Joachim Lutz, Dean of University of Mannheim Business School

“The political climate in the US, characterised by stricter immigration policies and rising uncertainty for international students, might play a role. Students who would have traditionally considered American schools might now turn to Europe for a more stable and welcoming environment. The latter is especially the case for Germany, as it has made efforts to attract international talent by simplifying work visa processes and offering supportive post-graduation work opportunities.

“I think that, in general, the cultural diversity of European programmes also plays a crucial role. Students are drawn to the opportunity to study in multicultural environments, enhance their global networks, and gain exposure to different business practices and regulations. Mannheim Business School, for instance, is renowned for its strong connections to the German and European business communities, providing students with valuable industry insights and career opportunities, especially in the German job market. Furthermore, the affordability of European business schools relative to their American counterparts might be another factor driving demand. With rising tuition costs in the US, students are increasingly seeking high-quality education that offers good value for money.

“Another factor that might play a role is that European institutions, in contrast to the US, where mainly traditional MBA programmes are offered, provide a broader range of master’s programmes, also in specialised areas such as finance, supply chain management, and digital innovation. Specialisations are particularly attractive to students seeking to gain expertise in niche fields and adapt to the rapidly evolving global economy. However, leading European institutions like Mannheim also offer high-quality MBA programmes with remarkably diverse classes at a very good price-performance ratio and with excellent career prospects in Europe.

“For Mannheim Business School, this trend presents an opportunity to further establish itself as a leading institution in Europe. By emphasising its strong academic reputation, strategic location in Germany’s economic hub, and robust alumni network, Mannheim strives to attract top talent from around the world.”

Karen Spens, President at BI Norwegian Business School

“Europe and European educational institutions are popular destinations renowned for their diverse environments and cultural traditions. The growing emphasis on sustainability and social responsibility are also areas where many European business schools excel and that reason well with values of prospective students across the world. Over the past years, BI has seen a strong growth in the number of applications from both national and international students. This allows us to attract a broad pool of talented individuals that will enrich classroom discussions at the same as it broadens our global alumni network. Our goal is to provide students with the knowledge and skills needed to build careers and contribute to positive change. Now more than ever, Norway and the world need talented and responsible leaders who can make a difference. BI remains committed to what we regard as our most important societal contribution, which is to offer a broad access to education, empowering individuals irrespective of their backgrounds to transform their lives and careers. This is something that appeals to students regardless of borders and citizenship.”

Professor Nils Stieglitz, President at Frankfurt School of Finance & Management

“In a world that evolves with increasing speed due to trends like digitalisation, sustainability concerns, and geopolitical shifts, many young people recognise the need to take the lead and make a difference. They see business schools as key institutions shaping future leaders. The rise in applications is a testament to the value of quality higher education in an uncertain world. Educators must embrace this momentum and equip the next generation with the skills and mindset needed to drive positive change. And I am convinced that in the coming months, many European countries will benefit from a rising awareness among young people across the world that an open society is still highly attractive.

“In addition, as a German business school, Frankfurt School of Finance & Management is benefitting from a domestic trend towards private education. While Germany has a tradition of public universities and has seen student intake numbers slightly rising in 2024, demand for private education, international exposure, and strong industry ties has grown significantly. Many students now seek institutions that offer not only academic excellence but also direct pathways to global career opportunities. Business education is increasingly valued for its ability to integrate research, innovation, and practical application.

“At Frankfurt School, we have experienced this trend first-hand. Our application numbers are constantly increasing across all programmes, Bachelor, Master and MBA. Our student numbers more than doubled over the last ten years. As an internationally recognised institution, we are attracting a diverse student body from around the world, with a 40 per cent share of international students. Our academic rigour, highlighted by our excellent result in the University of Texas at Dallas Top 100 Business School Research Rankings listing us number one in Germany, and strong industry ties position us as a top choice for aspiring business leaders. The increasing interest in our programmes reaffirms us to keep our focus on finance, management and entrepreneurship while constantly innovating our offering – for example, with our new Master in Real Estate and Master in Financial Technology.”

Bruno van Pottelsberghe, Rector of Corvinus University of Budapest

“The recent GMAC study highlighting the rise in applications to European business schools reflects a broader shift in global student mobility. Several key factors contribute to this trend, and for Corvinus University of Budapest, this presents both an opportunity and a responsibility.

“Firstly, European institutions are making a concerted effort to promote themselves more effectively on the international stage. At Corvinus, we have invested in strengthening our global presence, expanding partnerships, and enhancing our English-language programs to attract a diverse and multicultural student body. The increasing availability of high-quality business education in English across the continent makes Europe a more attractive destination.

“Secondly, geopolitical factors play a significant role. Brexit has introduced barriers to studying in the UK, from visa complications to increased tuition fees for EU students, leading many to seek alternatives in continental Europe. Similarly, Australia and Canada, traditionally popular destinations, have implemented stricter visa regulations and student caps, making them less welcoming to international applicants. The USA, meanwhile, faces challenges in attracting global talents due to concerns around its current policy environment and a substantial fall in its research funding.

“For Corvinus, this shift reinforces our commitment to providing an international business education right in the heart of Europe, in the middle of an iconic capital. Our growing English-language programs, strong corporate connections, and emphasis on applied knowledge position us well to attract top talent. As the landscape of global education evolves, we see this as an opportunity to strengthen Corvinus’ role in international business education and continue fostering a diverse, dynamic learning environment.

“The relevance of this topic is highlighted by the fact that Hungary has just published the latest university application figures, showing a 7% increase compared to last year. At Corvinus, the increase in the number of first-place applications for undergraduate Economics and Business programmes in 2025 is even higher than the average: +16% compared to 2024.”

Amir Sharif, Head (Dean) of Norwich Business School

“I’m keenly aware of the shifting landscape in business education across Europe and indeed globally.

“The shifting and significant uptick in applications to business schools in Europe is welcomed and may be happening because a few reasons.

“Firstly, geopolitical uncertainty around the North American market (US and Canada) as well as global international tensions have paradoxically made mainland continental European schools more attractive to international students. In addition, on a secondary point, business schools in the Eurozone continue to operate and perform very well in rankings enhancing their appeal. Thirdly, many schools have been diversifying course offerings and rapidly incorporating AI at speed – almost unhindered. Fourthly, the ongoing visa restrictions on international students bringing dependents to the UK continue to have severe impacts on applications to the UK business schools sector.

“For Norwich Business School, much like other UK business schools, this represents both challenges and opportunities.

“In terms of the former, increased competition will undoubtedly mean we must work harder to attract top talent, especially international students, with a robust and employability-relevant portfolio of courses and student experience through continuous updates of our curriculum and teaching methods.

“However, in terms of opportunities, this also presents a positive we can leverage. Our strength as a highly experiential-learning and Top 20 UK research university mean that we can offer direct access to professors and practitioners. This is enhanced by our strong employability rating, recently being ranked 9^th best in the UK for placements.

“Our commitment to sustainability (having jumped from joint 81st to joint 54th in the world in the 2025 QS World Sustainability rankings) may also resonate deeply with students who are seeking an institution which is known for its forward-looking and pioneering approach to climate change and sustainability. Finally, we can also draw on place – Norwich offers a safe, beautiful environment ideal for international students seeking a quieter lifestyle during their study but with direct and close connections to both London and Europe (with Norwich Airport on our doorstep and Amsterdam Schipol being less than an hour away).”

 José Esteves, Dean of Porto Business School

“The recent increase in applications to European business schools reflects a shift in candidates’ priorities. Europe offers diverse, high-quality education with strong international exposure, a competitive return on investment, and a growing emphasis on sustainability and responsible leadership — all factors that are becoming increasingly important to prospective students. In general, European schools also tend to attract a higher proportion of international students within each cohort.

“At Porto Business School, we see this trend as closely aligned with our mission to prepare future leaders with the skills needed to navigate complex global challenges. European business schools are also at the forefront of educational innovation, particularly in the development of online and blended MBA formats. The rising demand for flexible, tech-driven learning experiences — such as our Global Online MBA, recently ranked 8th in the world by the Financial Times Online MBA Ranking — highlights the growing appetite for forward-thinking education models.

“This momentum reinforces Europe’s position as a leading hub for world-class business education, attracting talent that is not only looking for career advancement but also for opportunities to create meaningful impact.”

For additional insights, announcements, and perspectives on other aspects of the Business Education Community, visit the conversation here.